Japan Increases Lead – Approves An additional Four New Cryptocurrency Exchanges

The Japanese Financial Solutions Agency has authorized four more cryptocurrency exchanges to legally operate in Japan. This is the second round of approvals by the agency the initial was for 11 exchanges in September.

Far more Crypto Exchanges Authorized by FSA

The Japanese Monetary Services Agency (FSA) has posted on its site the information of 4 new cryptocurrency exchanges which the agency authorized on December 1. This is the second time the FSA has authorized a list of crypto exchanges. The very first time was on September 29 when 11 exchanges had been awarded registration.

The FSA explained that only the digital currencies handled by the approved 15 exchanges are confirmed to “correspond to the definition below the fund settlement law,” primarily based on data provided by each exchange. The fund settlement law went into impact on April 1.&nbspIt legalizes bitcoin as a approach of payment in Japan and requires cryptocurrency exchanges to register with the FSA.

A lot more Applications Becoming Reviewed

The FSA is nevertheless reviewing a quantity of applications. At the end of September, on best of the 11 exchanges approved at the time, Nikkei reported that 17 companies have been under “ongoing evaluation.” Twelve organizations did not meet the agency’s registration specifications and subsequently closed down their exchange operations.

Among the applications currently being reviewed is one particular from Japan’s second largest bitcoin exchange, Coincheck. The exchange issued a statement on Friday clarifying that its application to register as a “virtual currency exchange trader” was submitted on September 13 and is nevertheless presently “under assessment.” Nonetheless, Coincheck assured its clients that “we are nevertheless capable to give the service as usual.”

Final month, the FSA&nbsppublished a document clarifying its administrative policies such as on cryptocurrencies and initial coin offerings (ICOs). It outlines how cryptocurrency exchanges will be monitored. This follows the agency’s announcement&nbspthat it has begun monitoring the eleven exchanges which have been approved in September.

Do you think Japan can have also numerous cryptocurrency exchanges?&nbspLet us know in the comments section below.